Chinese listed companies see little profit growth
The net profits of domestic companies listed on China’s bourses remained slightly above that of 2011 last year, as the country’s economic growth slowed to a 13-year low, according to new data released Friday.
As of Thursday, 1,435 companies had filed their 2012 annual reports to the Shanghai and Shenzhen stock exchanges.
Their total profits stood at 1.69 trillion yuan (about 270 million U.S. dollars), up just 0.46 percent year on year, China Finance Information, a website providing stock market information, reported.
The profits of 648 companies, or 45.17 percent of the total, dropped year on year, the report said.
This came as the country’s economic slowdown last year thwarted demand both at home and abroad and cut into the profitability of Chinese companies.
Data from the National Bureau of Statistics show that China’s gross domestic product grew 7.8 percent last year, the slowest pace since 1999.
By the end of last year, 2,494 Chinese companies were listed in Shanghai and Shenzhen. They are required to release annual reports before the end of this month.